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If you are a person who aspires to start a business from scratch and build it up into something truly amazing, then you are an entrepreneur. Why waste your talent making money for someone else in a tiny cubicle when you could be out there being your own.
The world is your oyster, act like it by achieving something great.
Entrepreneurs take plenty of risks and are capable of running an entire business (or a few businesses). Successful entrepreneurs are passionate about what they do, and they have the relevant skill to continue their dream.
If you are new to entrepreneurship, we have a useful guide that can get you going right away. Read on and then try your best to take risks so that you can live your dream.
Every successful entrepreneur knows how to start a business. If you wish to follow in the footsteps of your favorite businessman, then you will have to learn how to start a business.
We will cover the steps concerned with starting a business here.
However, it is up to you to put the steps that you learn here into practice. Running a business is a difficult affair which is why you should never be discouraged of failure. Mistakes and failure are the fastest ways to learn.
Go out there and give it your best. If you do go down, learn from your mistakes and get right back up again to begin another venture.
Firstly, determine the legal point of view of your business. There are a few options available which also differ from state to state.
You could treat your business as an extension of yourself, or you could let your business be an entirely separate entity on its own. Here are the two most popular choices:
According to law, you are your business. This is a simple and cost-effective way to start a business. Your tax returns should be submitted the same way you have always submitted it.
This is ideal for small businesses with minimal staff and income.
On the downside, you will personally be liable for the debt of your business. If your business is in trouble for debt or a client decides to sue you, then you will have to fight these legal battles in your own capacity.
LLC is the way to go if you wish to set up a larger and more complex company. There are tax and legal advantages from setting up an LLC.
Your company will be a completely separate entity from you. So if someone takes legal action against your business, only the company will be under scrutiny, not you.
The costs associated with an LLC can at times be high as you will be required to manage additional responsibilities. Think of it as a sole prop being where you just look after yourself and LLC are like looking after yourself and another high maintenance partner.
LLC is the route that you should take if you wish to get funding.
Coming up with a name is way more difficult than you think. Even if you do use something absurd, chances are, the name may already be trademarked with the domain already taken.
It's best to sit down and brainstorm names while conducting a trademark and domain name search.
Once you are ready, the next step is to register your business and domain name (especially if you starting off with an online store). If you register your business as an LLC, your business name will most likely get registered automatically.
Almost all of these steps require cash up front, which is why you should try to provide for this.
While you are working on registering your business, you should also take into consideration if your company will require any permits or license to operate. Examples are liquor licenses and sellers' permits.
Obtaining these permits also require cash upfront and is usually payable on a once-off or annual basis..
What are your company’s core values? What problems does your company solve?
These are just some of the questions your mission statement should be able to answer. An example would be to “bring affordable web design and marketing to small businesses in order to empower the local business community.”
You won't get rich quick with such a strategy, but you will play a role in empowering your community. This plays a significant role in the long run, as your mission can help navigate your company through difficult times.
Making lots of money is not a sustainable strategy as it can cause you to make rash decisions that are mostly personal. You should make decisions based on the wellbeing of your company.
Your marketing plan is usually part of your business plan. It determines who you are going to sell to as well as how are you going to sell to them.
A marketing plan also determines which channels your business will promote and sell your products in.
If your business is targeting a younger audience, then Instagram and YouTube may be the place to be. Your marketing plan is also one of the most critical aspects of your business plan as it can help you to project your sales.
These projected sales can then be subtracted from your projected expenses to give you an idea of your profit.
Having a good idea of whether or not your business will be sustainable in the future is crucial to the survival of the company. Having a clear plan of how you will generate your leads can help save you time from experimenting with different methods once your business is running.
Every entrepreneur will offer completely different advice regarding what makes them tick. There simply isn't a set route that one should take in order to become a successful entrepreneur.
However, there are a few valuable traits that most successful entrepreneurs do share. Here are some of those traits.
Being an entrepreneur today has become part of a global trend. The rise of new entrepreneurs since 2011 has been absolutely astounding. The thing is, you should not become an entrepreneur just to be cool, or you want to be rich, you have to do it for the right reasons.
Many people are more than satisfied with working the same job all their life. There's nothing wrong with that, as long as they are happy with their lives.
But an entrepreneur is never satisfied and always curious. If you are that person and you wish to build something from scratch, then what are you waiting for?
If you work at a car dealership as a Parts Manager, then you would just have to manage a single department with a few staff members. That means you probably have to know the ins and outs of anything that is motor vehicle parts related.
When you own the dealership, you will have to know how every department functions.
Owning a business means that you will have to understand departments such as HR, Administration, and Sales. Not understanding how Admin runs things can leave you and your business vulnerable to any errors or illegal dealings that may occur in that department.
Just imagine if your Admin staff did not process your expenses correctly? They could possibly understate your expenses which will give you the wrong indication of the profit your company makes.
This will lead you to make wrong decisions. Be focused on all departments of your business.
Technology and your business environment are always evolving. You have to make it your duty to stay on top of all changes related to your industry if you want to be able to pick up on any new way to improve your business.
Especially with e-commerce stores that have new ways to sell their products all the time.
The ability to execute new ideas fast is what is needed by all successful entrepreneurs. If you notice a trend, you need to be functional and operational immediately to get a head start in the market.
Delaying the process will be costly as you will have to play catch up with your already established competitors.
We see this happening all the time with brands such as Apple who pioneered smartphones and tablets. Microsoft and Google were still in the development stages regarding their latest mobile computing venture.
They were on the verge of creating powerful smartphones similar to Blackberry smartphones.
Then out of nowhere, Apple launched its revolutionary iPhone that completely changed the game. Google had to scrap its plans entirely and develop another phone to compete with the iPhone.
Google, with its Android software and 3rd party manufacturers, had since had to play catch up with Apple. Microsoft tried and failed numerous times, even though they were the first to plan a venture into mobile computing.
Entrepreneurship is not for the faint-hearted. Every successful entrepreneur must be able to embrace risk-taking so that they can effectively attempt new ideas or opportunities.
If you are a person who cannot handle uncertainty, then you may struggle with getting to grips with entrepreneurship. Many of us want to feel secure and stable at all times, which is why we don't want to take risks.
This is why we would instead take on a secure job than delve into the unknown. But all is not lost as you can push yourself into the unknown and over time learn to take risks.
Once you have taken a few risks in life that may have paid off, you will notice that it is like a drug. You just can't get enough of taking risks and reaping the reward. Go ahead and give it a try, especially if you are someone who has been working at the same desk job all your life.
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Whether you like it or not, you will have to come up with the cash up front if you wish to start a business. There is no business out there that requires zero money to start off.
People may argue this point, but it certainly costs money to start up and run any business. That being said, today, with the rise of so many new entrepreneurs, it isn't as difficult as you may think to get funding.
Kickstarter and Indiegogo are two amazing websites that offer crowdsource funding for aspiring entrepreneurs. These platforms are ideal if you wish to make a movie or release a new product to the general public.
You can demo your product on these platforms and sell your first 100 units before you even go into production. This way you can use your earnings as a head start to manufacture and launch your product.
You are the man with the plan, and he is the man with the cash! This is a match made in heaven as you know what to do with the money and he has the money.
A silent partner is someone ready to invest in your business, but does not really wish to be vocal or involved that much.
Bootstrapping requires you to start off with minimal funding just to make enough revenue to get by. All the proceeds after expenses go right back into the business.
This cycle continues until the business becomes sustainable enough to expand and acquire more substantial funding.
Bootstrapping is popular with small businesses. It's unbelievable the number of small businesses in America that are run from home.
One famous example of a company that successfully bootstrapped its way to millions is Grammarly. They started small with just a specific niche client base. Now they serve everyone.
A scary factor about entrepreneurship is that 90% of startups fail. However, this hasn't stopped this whole wave of new entrepreneurs that we keep seeing popping up.
Remember that high risk often brings in high reward. This is a challenging proposition that many successful entrepreneurs love to face on a daily basis. Hopefully, you will too. Good Luck!
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